Jindalee Resources (ASX: JRL) has accepted a takeover offer for shares it holds in Energy Metals (ASX:EME) from China Uranium Development Company, a wholly owned subsidiary of China Guangdong Nuclear Power.
On 8 September 2009 China Uranium offered to acquire up to 70% of the outstanding ordinary shares of Energy Metals Limited at $1.02 cash via a proportional takeover offer.
Jindalee is EME’s largest shareholder with 46,794,273 shares and had previously indicated that it would accept China Uranium’s Offer in the absence of a superior proposal.
Jindalee managing director Lindsay Dudfield said he was pleased to advise that the company forwarded acceptance of the Offer for its EME shares to China Uranium.
He said the company's directors, who together hold approximately 23 million EME shares, have also accepted China Uranium’s Offer for their shares.
The sale of 70% of Jindalee’s EME holding will realise approximately around $33.5 million in cash, before tax, with the Company retaining approximately 14 million EME shares.
Jindalee has previously indicated that it intends to return a significant portion of these assets to shareholders in a tax effective manner whilst retaining sufficient working capital for new opportunities.
The Company is currently taking tax advice and will update shareholders when further information is available.